FAQs

Find answers to common questions and learn how to make the most of our platform.

Cryptotax360 is a comprehensive crypto tax and portfolio tracking platform designed to help users calculate heir digital asset taxes efficiently. It offers wallet-by-wallet tracking, tax calculation, and portfolio analysis, supporting over 250 exchanges and wallets. The platform is tailored to assist both individual users and businesses.

CryptoTax360 connects seamlessly with multiple wallets , exchanges and on chain protocols using secure API integrations. The platform imports and processes transaction history automatically , including trades, staking rewards and more. If the exchange or wallet is not listed, user can manually upload the transaction data using Excel Files. . Addtionally, you can reach out to our support centre to request integration of new exchanges, ensuring a seamless experience.

Cryptotax360 is ideal for retail investors, active traders, and businesses in the crypto space who need to organize transactions and comply with US tax laws. Whether an investor or a high-volume trader, it’s features adapt to meet diverse needs.

Cryptotax360 stands out due to its comprehensive wallet-by-wallet tracking, support for multiple exchanges and protocols, customizable tax lot methods, and advanced features for DeFi and NFT transactions. It is designed for both individuals and institutions, offering scalable solutions with high accuracy.

Cryptotax360 can be used globally for tracking crypto assets, accounting, asset valuation, and PnL calculations. However, tax calculation support is currently available only for U.S.-based taxpayers, in compliance with IRS regulations. Global tax calculation support is under evaluation for future updates.

Cryptotax360 can handle high transaction volumes, with plans tailored for users managing up to hundreds of thousands of transactions, making it ideal for both individual and institutional users.

Cryptotax360 supports a wide range of cryptocurrencies and blockchains, including Bitcoin, Ethereum, Solana, and many others. The platform’s comprehensive list ensures users can track and manage all their assets effectively.

Yes, Cryptotax360 follows IRS regulations, supporting forms like Form 8949, Schedule D, and others. The platform generates accurate reports aligned with US tax laws, making it easier for users to file taxes correctly.

Currently, Cryptotax360 does not apply wash sale rules to cryptocurrency transactions, as the IRS has not mandated them for digital assets.

Yes, you can delete the trades and transactions and start over in your ongoing plan.

This platform provides tools and resources for tax calculation and reporting purposes only. It does not offer legal, tax, or financial advice. Users should consult a qualified tax professional for personalized guidance.

To create an account, visit the Cryptotax360 homepage and click on ‘Sign Up’. User needs to provide their email address, set up a password, and verify their identity to start using the platform.

Yes, CryptoTax360 offers a free trial that provides full access to the portal, including portfolio tracking, reconciliation tools and wallet integrations. Users can process up to 100 transactions, explore key features and view detailed reports. However, downloading reports is not included in the free plan. To unlock reports downloads and additional features, users can subscribe to a premium plan.

Currently, Cryptotax360 is optimized for web browsers to provide users with a complete experience and better functionality. While a dedicated mobile app is not available at this time, our platform is fully responsive and can be accessed seamlessly on mobile devices through any web browser, ensuring that users can manage their crypto taxes on the go.

You can connect your wallets and exchanges using API keys and wallet addresses or by uploading Excel files in case you don’t want to connect wallet and exchanges. Detailed step-by-step guides are available under the 'Help' section, guiding through the integration process. Visit our “Integrations” section to view list of all the supported Exchanges, Chains and Custodians.

If your exchange or wallet is not directly supported, you can manually import transactions using a excel file. Cryptotax360 provides templates to help users format their data correctly, ensuring it’s processed accurately. You can also reach out to our customer care to integrate any new exchange.

Cryptotax360 supports a broad range of transaction types, including

  • Transfers among exchanges, wallets and custodians
  • Staking income
  • Mining income
  • Rewards
  • Airdrops
  • Interest income and expenses
  • Commission and salary income
  • Forks, donations, and gifts

You can upload data by linking your exchange accounts through API keys or importing transaction excel files. The platform supports bulk uploads and processes data to ensure accurate tracking and reporting.

Cryptotax360 currently supports excel formats for data uploads. If your file doesn’t match these formats, use the ‘File Formatting Guide’ available on the platform to convert it.

Wallet-by-wallet tracking allows users to manage each wallet individually, providing clarity on specific gains, losses, and balances. This feature helps users better understand the performance of individual assets across different wallets.

In compliance with IRS revenue procedure 2024-28, effective January 1st 2025, taxpayers are required to report digital assets on an account by account or wallet by wallet basis. Crypto Tax 360’s wallet level tracking is designed to meet these requirements, ensuring accurate cost basis calculations and facilitating seamless generations of necessary tax forms such as Form 8949 and Schedule D.

At CryptoTax360, we aim to simplify cryptocurrency tax reporting and portfolio tracking by providing clear guidelines on how various transaction types are treated within our platform.

  • Transfers - Transfers between wallets or exchanges are tracked within the application, with the original cost basis and purchase date carried over from one wallet or exchange to another. No gain or loss is calculated in such cases.
  • Staking Income - Staking rewards are recognized as income at the fair market value of the cryptocurrency when received.
  • Mining Income - Mining rewards are treated as income when received. The fair market value of the cryptocurrency at the time of receipt is recognized as income on the platform.
  • Reward Income - Rewards are treated as income upon receipt at the fair market value.
  • Interest Income - Interest earned on cryptocurrency holdings (e.g., through DeFi platforms) is treated as income at the fair market value when earned.
  • Interest Expense - Interest payment is recorded at the prevailing market price.
  • Commission - Commission is recorded as an expense.
  • Salary - Cryptocurrency received as salary is recorded at its fair market value at the time it is received.
  • Forks -The new cryptocurrency is recorded at the fair market value when you gain control of it.
  • Funding Income - Funding income is the amount a trader earns for holding a long position when the funding rate is positive. If you hold a long position and the funding rate is greater than zero, you receive funding payments from those holding short positions. These are recorded at the current market value of the token.
  • Funding Expense -Funding expense is the amount a trader pays when holding a short position during a period of positive funding. If you hold a short position and the funding rate is positive, you will pay funding to those holding long positions. These are recorded at the current market value of the token.
  • Donation - Donations are recorded at the current market price
  • Gift - Gifts are recorded at the current market price

Cryptotax360 allows you to generate various reports, such as:

  • Form 8949 and Schedule D along with calculations support
  • Position Report
  • Realized Gain/Loss Report
  • Unrealized Gain/Loss Report
  • Currency/Security wise total Gain/Loss ( including Realized, Unrealized gains/losses and Interest Income)
  • Currency/Security wise Price analysis (both on daily and monthly frequency)
  • Portfolio Exposure
  • Performance Analysis (currency/security level, Asset class level, Exchange/Wallet level)
  • Open Tax lots
  • Positions Reconciliation with Exchange, Wallet & Custodians
  • Cash Balance Reconciliation

Yes, users can preview their gains and losses on the dashboard before subscribing to a paid plan. This feature helps users assess potential taxes before deciding on a plan.

Yes, Cryptotax360 supports transactions related to margin trading, futures, and derivatives. The platform is equipped to handle the complexities of these instruments, ensuring accurate gains/losses calculations, along with relevant interest payments and fees.

Discrepancies can occur due to missing transactions, incorrectly imported data, or exchange-specific nuances. Users are encouraged to use the ‘Position Reconciliation Report’ in Cryptotax360 to identify and resolve such mismatches.

Cryptotax360 offers tailored enterprise-level plans designed specifically for businesses that handle large volumes of crypto transactions. You can connect with us through the Contact Us form or write us at info@formidium.com for enterprise level solutions and custom reports.

Tax calculations on Cryptotax360 are highly accurate, leveraging advanced algorithms and up-to-date IRS regulations. Users are encouraged to verify their data for discrepancies to ensure perfect compliance.

No, an account is required to test Cryptotax360. However, signing up is free, and users can explore features like portfolio tracking and transaction imports before purchasing a plan.

Yes, when linked with APIs, Cryptotax360 updates your portfolio in real-time, reflecting the latest transactions, balances, and performance.

No, Cryptotax360 allows users to add an unlimited number of wallets and exchanges, ensuring seamless tracking across all accounts.

Yes, Cryptotax360 allows users to export reports in various formats, including Excel, PDF, and CSV, for easy review and sharing.

Cryptotax360 offers tiered pricing plans based on the number of transactions and features used. The plans range from basic free trials to premium tiers for high-volume traders.

All pricing plans are transparent with no hidden fees. Users can review all costs before subscribing to a plan.

CryptoTax360 only accepts credit cards at the moment.

If you cancel your account, your data can be permanently deleted upon request. Users are encouraged to download all necessary reports before deactivating their account.

Users can reset their passwords through the login page or contact customer support for additional recovery assistance.

You can connect with CryptoTax360’s customer support through the following options :
  • 1. Contact Us
  • 2. Email Support

Application is SOC 1 type2, SOC 2 type 2 certified. We also comply with GDPR, ISO 27001, and the NIST framework. Our disaster recovery plan and backups ensure global availability and security, protecting your data from potential vulnerabilities.

Cryptotax360 employs advanced encryption techniques, regular security audits, and multi-factor authentication to ensure user data is protected and it undergoes SOC audits to ensure compliance with data security standards. SOC audits verify that the platform’s processes and systems are secure, reliable, and designed to protect user data.

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